FAQ 772: When are NDX trades created in lieu of SDX?

Problem: Although all exchanges are generally done on a same day basis with MSCS, when are next day exchanges created?

Solution: There are 3 notable exceptions: 1) Any transfer that involves a short term redemption fee. 2) Any transfer created as a result of running the Close out a Fund function. 3) Any transfers involving multiple transfer agents. All 3 of these situations will result in next day exchanges. So, it is important every day to run the 'Sell/Other' trade file/export to see if there are any NDX trades.